Innovation News

NAIC report reveals AI to transform Australia’s industries

Eliza Sayon Mar 16, 2023

2 min read

A new report by the National AI Centre (NAIC) has revealed that the implementation of AI is becoming a top priority for businesses across Australia’s industries.

The report “Australia’s AI Ecosystem Momentum” reveals that the adoption of AI can provide significant benefits to businesses such as improved security, increased revenue growth, and greater cyber safety.

Additionally, the automation of internal processes and improved operational efficiency were also shown to be significant advantages of AI adoption.

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Minister for Science and Industry Ed Husic welcomed the report, stating that it suggests a more nuanced direction for AI in Australia.

“AI is one of those enabling capabilities that’s poised to transform industries, and we know the economic potential is there,” Minister Husic said.

“But seizing that business potential will take some work, building awareness and working across businesses, large and small, to make that a reality.”

Minister Husic also highlighted the importance of collaboration and access to the right talent for businesses to achieve successful AI implementation.

“Australia’s got some top AI talent here and we need to scale up this effort for the longer benefit of the nation,” he said.

“AI should be seen as more than just a business tool. We can put it to work to benefit communities and national wellbeing too.”

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However, the report also reveals that the delivery of AI projects in Australia is complex. Privacy, security, and data quality remain challenges to AI adoption, exacerbated by talent shortages in Australia for implementing and operating AI systems.

Aside from this, the implementation of AI also requires multi-disciplinary teams that can design end-to-end solutions that meet the specific needs of the context in which they will be used. Despite this, demand for AI products and services is high as 60% of the report’s respondents indicate they are accelerating and expanding their offerings to meet market demand.

The NAIC report calls on business leaders to develop and deploy responsible AI solutions in accordance with human and organizational values to ensure accountability and mitigate the risk of unintended consequences.

Eliza Sayon

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Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.